Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on August 5, 2016.

 

KUALA LUMPUR: Malaysia’s Genting Group and Pavilion Group are partnering with Vietnam-based property developer Van Thinh Phat Group Corp to undertake a US$6 billion (RM24.3 billion) mixed development project called Saigon Peninsula in Ho Chi Minh City, Vietnam.

According to people familiar with the matter, Genting Hong Kong Ltd which is listed on the Hong Kong Stock Exchange, is likely to be the entity entrusted to take part in the project in Vietnam.

Tan Sri Lim Kok Thay controls some 75.55% of Genting HK, which operates a fleet of luxurious cruise ships such as Star Cruises, Dream Cruises, Crystal Cruises, German shipyard Lloyd Werft and prominent nightlife brand Zouk.

When contacted by The Edge Financial Daily, Genting group declined to comment.

The project covers nearly 118ha at Phu Thuan Ward in Ho Chi Minh City’s District 7. It was reported that Genting and Pavilion together with Van Thinh Phat has signed the cooperation agreement on Wednesday, according to local newspaper Saigon Giai Phong.

The project included a multifunctional park, an international cruise terminal port, office towers, resort villas, apartment blocks and a hotel. It was reported that the Ho Chi Minh City People’s Committee had approved the project.

“Pavilion Group will lead in the master planning and landmark development consisting of a luxurious shopping mall combined with a 5-star hotel, high standard apartment blocks, deluxe resort villas and class A office towers in the Saigon Peninsula project.

“Genting Group, under the leadership of Tan Sri Lim Kok Thay, will build the 200,000 GRT (gross register tonnage) international cruise terminal port which will be the largest passenger cruise port in Vietnam,” Saigon Giai Phong reported.

South Korea’s Posco Engineering & Construction Co Ltd and Hyundai Engineering & Construction Co Ltd were ready to participate as engineering, procurement and construction contractors of the project, the newspaper wrote.

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